Myanmar Rice Federation (MRF) is committed to meeting two million tonnes of rice and broken rice export target in the coming 2024-2025 financial year, beginning 1 April.
The federation aims to bag one billion dollars from rice exports.
The European market is the primary destination for Myanmar’s rice exports. Additionally, the MRF will prepare for rice exports to Asian countries such as China, Indonesia, the Philippines with better quality and at reasonable prices, an official of the MRF said.
This FY 2023-2024 (April-March), Myanmar is forecast to export 2.5 million tonnes of rice with an estimated value of US$1 billion, the MRF announced.
Nonetheless, only 1.16 million tonnes of rice and broken rice were shipped to foreign trade partners in the past ten months of the current FY, generating $574 million.
As a result of this, Myanmar may fail to meet rice export targets for the FY 2023-2024. The president of the MRF commented that exporters faced challenges owing to the monetary policy of the Central Bank of Myanmar to govern export earnings, hindering rice exports. Also, the El Nino threat to the world’s rice supplies impeded the rice exports.
Myanmar exported 2,261,203 tonnes of rice and broken rice to foreign trade partners in the past 2022-2023 FY (April-March), with an estimated value of $853.472 million. — NN/EM
